President Trump has announced that Visa cash back credit card rewards can soon be deposited into Trump Accounts, thanks to a new platform. Say what now?!
In this post:
Visa partners with Trump on credit card rewards
Today, Trump announced Visa is creating a new platform that will allow credit card holders to deposit their cash back rewards directly into Trump Accounts. Here’s how Trump explained this development, during an announcement:
“I’m pleased to announce that Visa is creating a brand new platform which will allow credit card holders to deposit their cash back rewards directly into Trump Accounts. That’s a big deal. Where’s the head of Visa? Thank you very much, Visa.”
“These initiatives couldn’t come at a better moment, because there’s never been a better time to invest in the United States of America than right now. Who knew it would’ve happened this fast? I inherited a mess, we were a country that was laughed at a year and a half ago, we were laughed at, now we’re the hottest country anywhere in the world, nobody even close, so who knew this was going to take place this quickly?”
Wait, what on earth are Trump Accounts?
What’s actually going on here? The “Trump Accounts” branding makes this sound like you’re depositing money directly into Trump’s account, or something, or like he’s launching a bank. Or like you’re buying Trump or Melania meme coins…
However, that’s not quite what’s going on here. Here’s the explanation of Trump Accounts on the IRS website:
The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
So branding aside, the idea is that this is just a savings account for kids, and for a limited time, newly born children can receive a contribution of $1,000. The idea is that you can contribute your credit card rewards to grow this account.
That’s actually not a radical concept, as there are even several credit cards that specifically are intended to contribute to savings accounts for children. Of course the branding here will no doubt be controversial, though.
So yeah, I don’t think there’s anything wrong with this, and it seems like a fine initiative. I’m not sure it’ll prove that popular, but giving people more options to contribute credit card cash back toward a savings account for children is a win-win.
I will say, I am curious how this plays into Trump’s threats to cap credit card interest rates at 10%. He said he’d require that for a year, and that if credit card companies don’t comply, they’d be “in violation of the law.” It seems like not a whole lot has come of that, so I wonder if Visa getting onboard with the Trump Accounts concept is intended as a way to smooth things over.
Bottom line
Visa cardmembers will soon be able to deposit their cash back credit card rewards into Trump Accounts, which are savings accounts for children. Giving cardmembers more options to contribute cash back to their savings accounts for children seems like a good thing. I’m not sure this will move the needle much on anything, since it’s not like people couldn’t have done that before, but…
What do you make of this new Visa Trump Accounts concept?
Branding it with his name is the continuation of his dictatorship. A narcissistic chode. The sooner someone finishes him off the better.
Thanks Putin!
Why does this tea taste funny?
(So, you’re bringing her back? You didn’t think Rod was enough? I know it’s you..)
That’s a beautiful picture of StrokeFace accompanying this piece. One can practically smell the stench of his full diaper just from that photo.
Gangrene hands… no bueno.
Just as a heads up, if you like this concept wait until the Congress makes a tweak to OB3 (One Big Beautiful Bill Act, the 2025 tax bill) before contributing anything to a Trump Account.
Under current law, contributions to these accounts don't qualify as a "gift of a present interest" for federal gift tax purposes. That means that a federal gift tax return should be filed if a contribution is made to a Trump...
Just as a heads up, if you like this concept wait until the Congress makes a tweak to OB3 (One Big Beautiful Bill Act, the 2025 tax bill) before contributing anything to a Trump Account.
Under current law, contributions to these accounts don't qualify as a "gift of a present interest" for federal gift tax purposes. That means that a federal gift tax return should be filed if a contribution is made to a Trump Account before the law is fixed.
From a practical perspective, one might not care (in 2026, cash gift taxes don't have to be paid to the IRS until a cumulative $15 million is given during lifetime.) But from a theoretical perspective, there's no statute of limitations on a return that should have been filed, but wasn't.
This issue is likely to receive more attention over the summer at the earliest.
Oprah Trump: “You get (an audit!) and you get (an audit!)… all my political opponents get (audits!)”
A "Trump Account" is just another name for a savings account, right? Instead of points, the money is automatically swept into the account, right? Are there any fees?
Everything with America's national crime family is a grift, so definitely don't be participating in this...
At least now Trump is actually paying the children that he's screwing
No, he still isn’t, not personally; the American taxpayers could be, if this ever even happens.
The Trump Accounts initiative seems generally positive, I don't see how there could even be a negative spin to this? Tax-incentivized accounts for building households and raising children.
Time to have 10 kids so they can each get $1,000, amirite?
I had a kid in 2019 and have funded a 529 and other accounts since her birth. I believe the same people that support this got pissed off because "I paid for my student loans, why should we pay for other folks loans?!" Isn't this the same concept, albeit on a smaller scale?
All that to say, I don't mind tax dollars funding children's futures. I do think this would be better suited helping a...
I had a kid in 2019 and have funded a 529 and other accounts since her birth. I believe the same people that support this got pissed off because "I paid for my student loans, why should we pay for other folks loans?!" Isn't this the same concept, albeit on a smaller scale?
All that to say, I don't mind tax dollars funding children's futures. I do think this would be better suited helping a young family with early childhood expenses and/or medical bills. Outside of the $1,000, there's not much benefit compared to other investment options out there.
In case you didn’t know, the contributions are after tax and when your kid turns 18, it becomes a typical trad IRA. So you all your gains are taxed as well i.e. double taxed like normal investments. Also max contributions is only $5k.
On the other hand, 529s can be funded upto $19k tax free, and turned into Roth IRA. Way better.
As they say, don’t be fooled by appearances, use your wits.
OK, I understand and patly agree with the TDS. The naming is over the top, but should your hatred overcome the possible good. This program could overcome partly overcome the roots of longterm poverty
$1,000 is gonna solve poverty? Why didn’t anyone think of this before!
Sickening to consider putting any money in something called "Trump Account".
the folks who will do it are the same ones who deserve to be immiserated so it sorta works out
Ahh Ben I love the blog, but this post is awful. Giving that ‘creature’ credit is sickening.
Yes Rob, we'll be sure to never give such a nasty, base, cruel and disgusting "creature", such as yourself, any credit. Now kindly, please bugger off with your misguided tomfoolery, bugger! Otherwise, perhaps, Tim Dunn will come over to this comment and derail us again with stories of his "chafed nipples" and his many (what people call) "NIP" "SLIPS". Disgusting. Anyways the point I'm making, "Rob" is not to derail comments with politicism.
Rod
Donald is an empty headed vainglorious ninnyhammer who must have his name on as much as possible now because he knows no one will do it after he's gone
Rod… we know it’s you… c’mon.
(I actually like this alias… it’s subtle… you know, rod, like a hard pole… like a…)
And the Chase Sapphire Reserve card now has a new bonus: Two free tickets to the Melania movie!
*theatre still empty*
Thank you for your attention to this matter.
Did you even say thank you?
Christ Ben your need to never bite the hand that feeds you has never been so nauseating
@ JR -- Sorry, I'm doing what now? Are there really any questions about how I feel about Trump? I realize people come to the blog to (mostly) escape politics, but in this case it's something that directly impacts the industry, so it's worth covering. And I try to do so without getting overly political, since that pisses off a good percentage of readers.
Don’t mind the haters, Ben. And those who decry ‘no politics’ are especially insidious as they know it’s all relevant. Travel is inherently political as well. Think of immigration, movement of people, public resources, etc. The answer is more speech, not less. You and the other bloggers are doing a fine job. Thank you.
More pandering to a vulgar fool with a gaping maw where his heart should be, a chasm that cannot possibly be filled even by all the false adulation in the world.
I am of course speaking of myself!
LOL whatever dude, you're not even a good dupe. By all means, keep fellating your orange god tho
Also, you're a really weird person if you're impersonating me in the comments section of this blog. I don't care, no one else here cares, and the name "All Due Respect" doesn't carry any weight, so I'm not sure what you're thinking you're gaining from your sad little stalker impersonation
All Due Respect (OG), take it from me, 1990 (OG), we know the real you vs. the fake, and don’t worry too much about the imposter (he gets board, comes and goes). He’s done Eskimo, Aero, Jack, and others apparently. I guess that officially makes you a regular if he’s riding your coattails too now.
@Ben,
The visage and the voice of that man makes me nauseous. Can I suggest to using a visa card instead, if you must have a graphic.
Just to be clear, the AHCA wasn't named Obamacare by the people who introduced it but instead by right wingers who wanted to use the racism of their followers to demonise a policy that would help them at the expense of their donors.
As for this scheme it's cool I guess but unless the returns are very large surely you would just pick the highest cashback card and deposit it yourself?
Tremendous! MAGA!
Would you trust ANY account that has Trumps name on it? Not a chance. Another money grab by the Trump team. Who is the bank or fiduciary that holds these funds? What interest rate will they pay on these accounts?
Knowing how this administration defies any and all laws, will these accounts even be solvent by the time any of the kids turn 18 and Trump and his MAGA cronies are hopefully long gone?...
Would you trust ANY account that has Trumps name on it? Not a chance. Another money grab by the Trump team. Who is the bank or fiduciary that holds these funds? What interest rate will they pay on these accounts?
Knowing how this administration defies any and all laws, will these accounts even be solvent by the time any of the kids turn 18 and Trump and his MAGA cronies are hopefully long gone? It's nauseatingly never ending how they figure out ways to line their own pockets.
Joan, I was being impersonated above. (By the guy who’s currently using ‘Rod’) Anyone who follows my stuff knows the O.G. 1990 is anything but MAGA.
“Who is the bank or fiduciary that holds these funds?”
Eric. Don’t worry, we can trust him.
“What interest rate will they pay on these accounts?”
They will charge you 40% per day. But they’ll invite you to join the Global Peace Bureau of Love if you pay them $1 billion dollars.
Jared would prefer $2 billion actually, preferably from the Saudis.